Virginia HB 993: Sales tax revenue allocation; increase amount allocated to discretionary spending for airports.

Bill Text

Bill Tracking - 2018 session > Legislation 

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2018 SESSION

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18101994D

HOUSE BILL NO. 993 

Offered January 10, 2018 

Prefiled January 9, 2018 

A BILL to amend and reenact �� 5.1-2.2:3 and 58.1-638 of the 
 Code of Virginia, relating to sales tax revenue allocation; increase amount 
 allocated to discretionary spending for airports. 
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Patron-- Byron 

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Referred to Committee on Finance 

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Be it enacted by the General Assembly of Virginia:

1. That �� 5.1-2.2:3 and 58.1-638 of the Code of Virginia are 
 amended and reenacted as follows:

� 5.1-2.2:3. Transparency and accountability in the use of 
 Commonwealth Airport Fund revenues.

A. By November 1 of each year, the Board shall report to the 
 Governor and the General Assembly on the use of Commercial 
 Commonwealth Airport Fund revenues the previous fiscal year. The 
 report shall include at a minimum the following:

1. The use of entitlement funds allocated pursuant to 
 subdivision A 3 a of � 58.1-638 by each air carrier airport, including the 
 amount of funds that are unobligated;

2. The award and use of discretionary funds allocated for air 
 carrier and reliever airports pursuant to 
 subdivision A 3 b subdivision A 3 b 1 
 a of � 58.1-638 by every such airport; 
 and

3. The award and use of discretionary funds allocated for 
 general aviation airports pursuant to subdivision A 3 c subdivision A 3 b 1 b of � 
 58.1-638 by every such airport; and

4. The award and use 
 of discretionary funds allocated for all airports pursuant to subdivision A 3 b 
 2 of � 58.1-638 by every such airport.

Such report shall also include the status of ongoing projects 
 funded in whole or in part by the Commonwealth Airport Fund pursuant to 
 subdivision A 3 of � 58.1-638.

B. Each year prior to the release of entitlement funds 
 allocated pursuant to subdivision A 3 a of � 58.1-638, each air carrier airport 
 shall submit a plan that outlines the planned use of such funds for the 
 upcoming fiscal year to the Board for review and approval. The Board shall 
 approve such plan provided that the use of funds is in accordance with Board 
 policies. An airport may modify its plan during a fiscal year by submitting a 
 revised plan to the Board for review.

C. The Board shall have the right to withhold entitlement 
 funds allocated pursuant to subdivision A 3 a of � 58.1-638 in the event that 
 the entitlement utilization plan is not approved by the Board or the airport 
 uses the funds in a manner that is inconsistent with the approved plan.

� 58.1-638. Disposition of state sales and use tax revenue.

A. The Comptroller shall designate a specific revenue code 
 number for all the state sales and use tax revenue collected under the 
 preceding sections of this chapter.

1. The sales and use tax revenue generated by the one-half 
 p